Panda Night robot is a new Forex trading tool that became available to Forex traders on April 22, 2021. According to its developers, this trading system has a high diversification that allows it to lower the overall trading risk. In this Panda Night review, we will be analyzing this expert advisor to let our readers know whether it is a worthwhile investment solution.
Panda Night: Characteristics
To start trading with the Panda Night robot you need to buy the EA, download it, and attach it to the M5 chart. The developers also point out that if the names of the symbols aren’t common in our broker platform, we can easily update the names in the Symbol List parameter. According to its developer, the robot is not very resource demanding, meaning it can be used in combination with other expert advisors. The system is advertised as the one that is easy to set up. The dev claims that it does not require additional adjustments and can easily be run on default settings.
The developer also points out that his trading tool is recommended to those traders who have low spread accounts. In case you run his EA on an STP standard account, the number of orders will be small. ICMarkets and TickMill are the most recommended brokers by the seller.
Currency Pairs, Strategy & Timeframe
Let’s talk about the currency pairs, deposit requirements, timeframe, and the trading approach of this EA:
- The EA can trade on multiple currency pairs with the correlation between them being low
- It must be attached to the M5 chart
- It can be used with other EAs
- Brokers with low spread accounts are recommended
- We are suggested to work through IC Markets and TickMill
- The best brokers should work on GMT +3
- It is easy to use and setup
The vendor claims that this Forex EA looks to trade market reversals ‘in hours when the market is not strong and the risk of high movements is low’. This information is everything the dev decided to share. This is a very vague way of describing a trading approach and we do not think it is enough to get an idea about the system’s profitability and efficacy.
Panda Night Trading Performance
The dev shared a backtest report on the MQL5 page where this trading tool is sold:
We downloaded this file and found that the dev shared backtest report for AUDUSD, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, and GBPCHF currency pairs.
Here we have the results for a backtest conducted from 2015 to 2021. The robot traded multiple currency pairs on an unknown time frame. Its average yearly profit was $3274, 38. It traded 10294 trades and won 8846 out of them, which represents a win rate of 85.93 %. Its average loss result (-$4, 29) was twice higher than the average win ($2, 92), meaning a risk/reward ratio was 2:1. The profit factor was high – 4, 17. Maximal drawdown was 16, 1%, which is acceptable in trading.
For 6 years of trading activity, the robot could generate a total net profit of $19646.59.
We need to note that the most profitable year for this EA was 2020. It brought $ 6292.07 of profit. The most productive months were June ($712.12), July ( $ 641.12), and September ($637.0).
The dev shares 3 live trading results achieved with his Panda Night signal on the mql5 platform. Let us analyze one of them in detail.
It is a USD account that is run under ICMarkets brokerage and trades with 1:500 leverage. The account was deposited at $10K and for 40 days of trading activity, it has generated $644.06 of profit. It traded 126 trades and won 82 out of them, which represents a win rate of 65, 07%. It does not look impressive. The maximum drawdown was 2, 8%.
The 2021 results are nothing to talk about:
The most traded currency pairs are EURUSD, with 31 deals, and AUDUSD with 16 deals.
It trades only the Buy direction. It looks like the EA uses only flex Take Profit levels or runs Trailing Stop Losses.
How much does it cost?
The robot is sold for 199 USD on the mql5 market. There is a free demo version provided to test the EA before purchase. The money-back-guarantee is missed.
Reviews from customers
The system has a 3,5 out of 5-star rating on mql5.com. Two customer reviews claim that the system is ‘trash’ and does not perform well.
Unfortunately, we couldn’t find any customer reviews on reputable third-party websites like FPA or Trustpilot.
Should You Use Panda Night Robot?
|Backtesting results provided||No myfxbook or fxblue trading results shared|
|Affordable pricing||Absence of a money-back guarantee|
|Rental option is not provided|
|Undisclosed trading approach|
|Lack of customer reviews|
Buying this EA is a risky investment decision that could be compared with a one-way ticket. It has much more drawbacks than advantages, which make Panda Night, not a worthwhile investment solution.